Ayala Pharmaceuticals Inc (ADXS)

[ubmmg]

From the PR:

The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 82.6 million to approximately 5.5 million. There is no change to the number of authorized shares under the Company’s Certificate of Incorporation, as amended.

That's the key from this R/S PR. The company will be able to dilute continuously, no S/H approval is needed to issue more shares.

JS:

with so few shares price swing could be huge

It does not matter, as the number of shares available to short will also be adjusted.
It all depends on the news, I agree. If great news, we go higher. If not, we tank. Bots and momentum traders will be all around this equity. Any R/S attracts shorting, it's just a "short me" sign all over the internet and news lines.